HXRefactored - Doesn't Your Mom Deserve Better

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Stop designing for the messenger-bag-totting hipster, try addressing the 100 million strong demographic (the 50+) that generates annually over $7.1 trillion in economic activity in the US, and 260 Billion dollars in consumer packaged goods sales. Out-of-pocket consumer health spending is forecasted at $100B over the next 5 years, but poor design and aesthetics are limiting usability and consumer demand. How’s that for a challenge!

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HXRefactored - Doesn't Your Mom Deserve Better

  1. 1. Doesn't Your Mom Deserve Better? Sanjay Khurana | AARP Thought Leadership @sanjaykhurana
  2. 2. Industry Outreach Market Development Innovation Showcase Member Research Raising awareness of market opportunity and needs/ wants of the 50+ Influencing ecosystem development Platform for showcasing innovative technologies Engaging members in gaining early feedback on emerging trends The  Innova*on@50+™  ini*a*ve  aims  to  spark   entrepreneurial  ac*vity  across  public  and  private   sectors.  Anchored  by  the  AARP  social  mission  –  to   enhance  the  quality  of  life  for  all  as  we  age  
  3. 3. “Not every idea warrants a startup”   Edison  Medical’s  @LouisForeman  
  4. 4. Most entrepreneurs have a personal story in health tech. Passion is essential, product is key, but don’t lose sight of where the money is!!  
  5. 5. “The Longevity Economy is one of the most powerful forces in the US Economy” Oxford  Econonics      
  6. 6. The 50+ is responsible for over $7.1 trillion in annual economic activity – $3.0 trillion in consumer spending $1.6 trillion in health care spending   Third largest in the world after US & China  
  7. 7. 100 million consumers   and  accounts  for  nearly   The  50+  segment  consists  of  close  to     $230 billion in  sales  for  consumer  packaged  goods.   49%   of  total  sales   +34% +12% 50%   of  adult  popula:on   Between  now  and  2030,  the  18-­‐49  segment  is   expected  to  grow  +12%,  while  the  50+  segment   will  expand  +34%.     BECOMING  
  8. 8. 100 Million consumer in 50+ are expected to spend $100M in out-of-pocket medical expenses in 5 years - $20B attributed to digital innovations Parks  &  Associates    
  9. 9. NINE AREAS OF OPPORTUNITY 100 million people and an opportunity for as high as $20 billion in revenue by 2018
  10. 10. 1/9 MEDICATION MANAGEMENT NINE AREAS OF OPPORTUNITY 100 million people and an opportunity for as high as $20 billion in revenue by 2018 Prevent in-home accidents · Manage medications · Improve/aid memory & cognition
  11. 11. 2/9 AGING WITH VITALITY NINE AREAS OF OPPORTUNITY Address calcium deficiencies · Manage arthritis · Boost daytime energy · Improve/aid memory & cognition · Improve/aid hearing · Improve/aid vision · Maintain muscle strength 100 million people and an opportunity for as high as $20 billion in revenue by 2018
  12. 12. NINE AREAS OF OPPORTUNITY 3/9 VITAL SIGN MONITORING Improve sleep quality · Reduce bad cholesterol · Keep glucose in range · Maintain healthy weight · Keep blood pressure in range · Detect skin problems · Maintain good dental hygiene 100 million people and an opportunity for as high as $20 billion in revenue by 2018
  13. 13. 4/9 CARE NAVIGATION NINE AREAS OF OPPORTUNITY Manage healthcare costs · Evaluate quality of care · Navigate healthcare system · Plan for end of life care 100 million people and an opportunity for as high as $20 billion in revenue by 2018
  14. 14. 5/9 EMERGENCY DETECTION & RESPONSE NINE AREAS OF OPPORTUNITY Detect falls · Send alert when lost · Prevent in-home accidents 100 million people and an opportunity for as high as $20 billion in revenue by 2018
  15. 15. 6/9 PHYSICAL FITNESS NINE AREAS OF OPPORTUNITY Boost daytime energy · Reduce stress, Reduce bad cholesterol · Maintain healthy weight · Keep blood pressure in range · Relieve back pain · Engage in age-appropriate exercise · Maintain muscle strength · Keep mobilized 100 million people and an opportunity for as high as $20 billion in revenue by 2018
  16. 16. 7/9 DIET & NUTRITION NINE AREAS OF OPPORTUNITY Eat healthy · Control sodium intake · Boost daytime energy · Prevent dehydration · Reduce bad cholesterol · Keep glucose in range · Maintain healthy weight · Keep blood pressure in range · Address calcium deficiencies · Maintain good dental hygiene 100 million people and an opportunity for as high as $20 billion in revenue by 2018
  17. 17. 8/9 SOCIAL ENGAGEMENT NINE AREAS OF OPPORTUNITY Reduce stress · Improve or aid memory & cognition · Stay connected socially · Keep mobilized 100 million people and an opportunity for as high as $20 billion in revenue by 2018
  18. 18. 9/9 BEHAVIORAL & EMOTIONAL HEALTH NINE AREAS OF OPPORTUNITY Receive divorce/grief support · Manage life phase transitions · Plan for end of life care 100 million people and an opportunity for as high as $20 billion in revenue by 2018
  19. 19. THE OPPORTUNITY | $20B OVER NEXT 5 YEARS $4,822     $3,342     $3,278     $2,430     $1,901     $1,879     $1,597     $1,036     $428     (2013-2018) (IN MILLIONS) VITAL SIGN MONITORING CARE NAVIGATION MEDICATION MANAGEMENT EMERGENCY DETECTION & RESPONSE AGING WITH VITALITY PHYSICAL FITNESS DIET & NUTRITION SOCIAL ENGAGEMENT BEHAVIORAL & EMOTIONAL HEALTH
  20. 20. Where is the money going?  
  21. 21. 53% of all health funding is in the 50+ market 59% increase in 50+ funding between 2012 - 13 4X increase in deal flow between 2010 - 13
  22. 22. ?
  23. 23. ?
  24. 24. “Designers need to be at the front end of the sensor transition so they can humanize it.”   frog's  @TimothyMorey  
  25. 25. Doesn't my mom deserve a better user experience. Why accept mediocrity when it comes to designing for older demographics.  
  26. 26. Thoughtfulness in Design  
  27. 27. AGING WITH VITALITY 40 Million Americans have Hearing Loss, but only 1 in 4 have a hearing aid
  28. 28. AGING WITH VITALITY •  Stylized Designs •  Up to 75% cheaper •  Eliminating Middleman
  29. 29. AGING WITH VITALITY Problematic Ear wax affects 360M consumers worldwide, including 49M in US and 8M hearing aid users Ear wax build-up causes hearing loss, ear pain, ringing in the ears, missed diagnosis & treatment   Clinical     Consumer  Home  Care  
  30. 30. labs •  70% Tremor cancellation •  Multiple attachments •  Affordable AGING WITH VITALITY Tremor and Parkinson’s affects up to 10M people in US, effecting their ability to complete simple tasks like eating
  31. 31. VITAL SIGN MONITORING 79 Million Americans live with a chronic condition that requires monitoring
  32. 32. VITAL SIGN MONITORING
  33. 33. PHYSICAL FITNESS 38 million consumers 50+ are obese, and a third of Americans 65+ engage in no leisure-time physical activity
  34. 34. PHYSICAL FITNESS
  35. 35. EMERGENCY DETECTION & RESPONSE 12+ million U.S. older adults living at home alone
  36. 36. CARE NAVIGATION 43% of adults do not track their out-of-pocket costs – OOP totaled $320B last year
  37. 37. CARE NAVIGATION 2/3 of reviews have errors
  38. 38. SOCIAL ENGAGEMENT World Health Organization rates loneliness as a higher health risk than lifelong smoking - staying engaged with family, friends and the community is vital to healthy aging
  39. 39. SOCIAL ENGAGEMENT •  Simplified tablet user experience •  Adapts to a user’s abilities and needs •  Caregiver managed
  40. 40. •  Track caregiving activities •  Connect with other caregivers •  Earn incentives for care provided SOCIAL ENGAGEMENT
  41. 41. @AARPInnova*on   #innova*on50     @sanjaykhurana
  42. 42. Why does AARP care?  
  43. 43. The Innovation@50+™ initiative aims to spark entrepreneurial activity across public and private sectors. Anchored by the AARP social mission – to enhance the quality of life for all as we age – the initiative enlists the expertise of visionary thinkers, entrepreneurs, the investment community, industry and not-for-profits to spur innovation to meet the needs and wants of people over 50.
  44. 44. Our  Approach   Industry Outreach Market Development Innovation Showcase Member Research Raising awareness of market opportunity and needs/ wants of the 50+ Influencing ecosystem development Platform for showcasing innovative technologies Engaging members in gaining early feedback on emerging trends
  45. 45. Tech Events Incubators/Accelerators Media Research Payers & Pharma Investors Market Access Technology & Design Academia Industry Alliances Innovation@50+ Ecosystem
  46. 46. InnovaMon@50+        |        INSIGHTS   The  Longevity   Economy   What’s  Your  50+   Strategy?  A  New   Investment  Theme     Healthy   InnovaMon   FronMers   Download  report  at  www.aarp.org/50plusinsights  
  47. 47. InnovaMon@50+        |        INSIGHTS   Digital  Health  Insights   for  the  50+  Market   Top  12  VCs  Funding  the   50+  Market   Download  report  at  www.startuphealth.org/aarp  

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